Property tax dispute: Should you appeal your property assessment in Polk County, North Carolina?
Homeowners in Polk County are completely familiar with the concern of property taxes; those that have invested their lives in locations where these taxes are generally high feel the effect more than many. The effect of these taxes can be even worse for those who have lived in their properties for a long time, as they have witnessed firsthand the taxes increase year after year. The bad news is possibly overpaying your home taxes and be totally uninformed. Here are some typical reasons individuals are overpaying their residential properties tax.
Is your Polk County house over assessed?
A high house assessed value is the primary factor that people appeal the amount they are paying on their real estate tax. In many cases, people feel that the assessment put on their residential property does not show the marketplace value should they try to sell it today. The simplest method to discover this out is to get in touch with some local realtors. They must be able to tell you the variety of worths similar homes are selling for in your location. Remember, the actual value of your property will not be known up until a sale is closed. When you receive your house evaluation, you will be offered a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait till next year to appeal.
Can you get the real market value of your house?
It is probably beneficial to contact a local realty representative or your assessor in Polk County, North Carolina. If you feel your home has been badly misestimated, an expert valuation might show extremely economical in the long run
Often people do not know you are not permitted to contest your tax bill directly in North Carolina, however you can undoubtedly submit an assessment appeal, keep in mind that regardless of how you feel about the bill, if you do not pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to show at least three similar residential properties that have actually been assessed at a lower value. The closer these homes are in size and location to yours, the greater the possibility of success you will have on appeal
Particular situations that may have actually minimized the value of your home
If there are exceptional situations that directly lead to the decrease of your residential property value and these are not shown in your assessment, these are clear grounds for appeal. Simply offer evidence of these circumstances, and the appeals process should be straightforward.
You have just recently purchased your property in Polk County, North Carolina for much less than the assessed value
If you have proof of the purchase price of your home or you have a current appraisal that does not reflect the dollar amount your home has actually been assessed at by the assessor, this is clear grounds for appeal. If a professional values your residential property much lower than that of the tax assessment, this is considerable proof to back your appeal. You can always order a new appraisal although this will cost a couple of hundred dollars it could be worth it in the end. The good news is that you do not need to accept a high real estate assessment; you can always appeal and get them lowered while doing so.
How do you appeal your property assessed value in Polk County?
Every State has their own requirements for real estate assessed value appeals. One thing they all have in common; the only groungs that they will accept is that your property has actually been assessed higher than it‘s worth. As your Polk County house taxes are calculated basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the home assessment. Your only opportunity of approach is to show your house is less than the value the assessor believes.
Upon receiving your house assessment, your county will give you a predetermined window in which to appeal. These can vary substantially from 30 to 90 days so your county appeal deadline is the first thing you want to determine. However, keep in mind if you miss this due date there’s nothing you can do, and you will be required to wait an additional year for an opportunity to appeal your home assessment!
The fastest and easiest way to submit an appeal in Polk County is to do so on the website of your county, town or city. The fees connected with each request can differ based on the initial value of your property assessment value. The cost of an appeal differs could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to ensure that your local tax assessor has included the correct house details to start with. In some cases, details may be incorrect such as, houses have actually been lifted with basements that do not exist; such examples are wrong and could result in your house value being lowered immediately. The more details that you can gather as to why you feel your home is overvalued, the stronger your case for an assessment appeal.
If there are no clear issues with the details on your property, you will need to discover information of similar homes in your area that have a lower assessment. This will be the simplest method to prove your case. You will want to discover 3 or 4 houses that are all the same size as yours, in the same location, whose value is much less lower than your own; this will be your premises for appeal.
In some locations, you’ll be asked to attend a property appeal hearing, so if this does occur, don’t be daunted. In general, these hearings are just contacted us to enable you to present the details you‘ve collected in support of your claim. You will likewise be permitted to take a look at any false information that might be on file about your property. You should be ready for this hearing and have all the data you‘ve gathered about comparable homes and sales of similar houses in Polk County.
Be prepared for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in question is more modern-day than the ones you’re comparing it to. Be prepared for such an argument because if you get to this point, the Assessor believes you are not deserving of a reduction in value and will want to win his/her case by elaborating on the facts to support their position. It’s is always crucial to remember that there are no additional charges connected to filing an appeal; the worst outcome being that your home assessed value is the same.
Is it worth filing an appeal?
If you truly feel that your house has actually been misestimated, a successful appeal of your Polk County property assessment value could lead to substantial savings. If there are just a couple of hundred dollars of potential savings, it might not deserve your time. You also need to consider that the hearing could be arranged during a workday, which may lead to a loss of earnings. Find out as soon as possible when the hearings take place, and will it be a teleconference or in-person hearing. This way you can make the arrangements to minimize wage loss.
Are Property Taxes Fair?
To prorate means to divide something so that each person pays her fair share. The real estate term for dividing expenses that are paid after they are incurred or are prepaid is called prorations. For example, sometimes real estate taxes are paid in arrears. This means that they are paid currently for the year before. The practical effect of this is that the buyer will in many cases get a tax bill for time when she did not own the house and therefore was not responsible for the taxes.
An example will make this easier to understand. Let's say you closed on the house you bought on August 31, 2007. You are responsible for 4 months worth of real estate taxes for 2007. Unfortunately, the tax bill does not arrive until May of 2008. This is where prorations come into play. At the closing, you will be responsible for 1/3 of the tax bill that will arrive in May, 2008. That means the seller will give you, the buyer, an amount equal 2/3 of the agreed to prorated tax amount and you will pay the real estate tax bill.
The tricky part comes about because real estate taxes always seem to be going up. This is usually handled as part of the negotiations. The buyer will ask for an amount based on the seller's last year's tax bill plus a small percentage, usually 5 or 10% extra, and some agreement will be reached.
An unusually large increase in the real estate taxes due to a reassessment, rate increase or both can further complicate matters. With the gains in real estate prices in the recent past, many taxing bodies have become eager to capture at least part of that gain. So it is buyer beware and make sure you check with the local taxing authorities.
Prorations can also be used to adjust for any expenses that have been paid by the seller ahead of time, such as prepaid mortgage interest, prepaid casualty insurance, or such items as rent or utility bills.
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